30 Year Conforming Mortgage Rates Hit New Low for 2017

Mortgage rates continue to move lower, defying predictions of higher mortgage rates in 2017. In fact, mortgage rates today just hit a new low for 2017 and are only about 50 basis points above an all-time low set in 2013. Conforming 30 year mortgage rates hit a low of 3.76 percent today, down from last week's average of 3.81 percent.

The latest catalyst driving mortgage rates lower was a weak May jobs report showing job creation of only 138,000 jobs, less than the expected number of 185,000. This news sent bond yields lower and in turn sent average mortgage rates lower.

10 year bond yields are lower again this morning falling 5 basis points. This decline will put additional downward pressure on mortgage rates. 30 year rates will possibly fall below 3.70 percent by tomorrow or Wednesday.

15 year mortgage rates are also down 5 basis points over last week's average rate. The current average 15 year mortgage rate is at 3.00 percent, a decline from the prior week's average mortgage rates of 3.05 percent. We will see 15 year rates fall below 3.00 percent over the next couple of days.

The all-time record average low for 15 year rates was 2.56 percent set in May 2013. While we won't see average 15 year rates fall that low again unless there is a recession, rates will decline in the coming weeks.

Average 5 year adjustable mortgage rates are also lower today, falling to 3.15 percent, down from an average rate of 3.21 percent last week. The all-time record average low rate for 5 year adjustable mortgages was also 2.56 percent set in May 2013.

The rates above are average rates, you can find lenders quoting rates below the average with and without mortgage points. You can search for lenders offering mortgages in your state by searching our rate lists at mortgage rates and you don't have to provide any personal information to view a list of rates.

 
Author: Brian McKay
June 6th, 2017

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